As a condo owner, you enjoy a lower maintenance lifestyle. There is no yard to mow, and you are not directly responsible for roof and building maintenance. You enjoy this type of streamlined living, so it makes sense that insurance for your condo should be straightforward, too.
Why Purchase Condo Insurance?
As the owner of a condo or townhouse, the structural components of your home and the common places within your building are probably covered by your condo association’s insurance policy. However, you alone are responsible for the interior of your condo and everything in it. This includes all of your personal belongings like clothes, furniture and valuables. Depending on your condo association’s policy, it might or might not include coverage for permanent structures within your condo, such as the cabinets and built-in shelving units.
Do you need condo insurance?
Imagine coming home from vacation to find that a pipe had leaked in your kitchen, flooding much of your unit with water. After talking with your condo association, you discover that insurance will not pay for interior wall and baseboard repairs, nor will it cover the expensive wood floors you recently upgraded your condo with. Worse, what would happen if your building caught on fire, destroying all of your belongings? In either scenario, you could be facing thousands of dollars in out-of-pocket repair and replacement costs that could have otherwise been covered by personal condo insurance.
Types of Condo Insurance Coverage
At Harnish Insurance Group Agency, we can help our customers find quality and dependable condo insurance from some of the state’s leading insurers. Once we know how much of your property is covered under your condo association, we can help you find a policy that fits your needs. Some of the available condo coverages include:
Liability Insurance
Liability helps protect you when someone sues you as a result of an injury occurring on your property. Not only can it cover any judgments made against you, but it can also pay for your legal defense fees.
Property Insurance
You may be surprised to know how much your personal belongings are worth. From jewelry and clothes to furniture, electronics, and kitchenware, property insurance can help replace them if they are damaged or stolen due to a covered event. Depending on your association’s coverage, you may also benefit from additional property insurance that covers building components, like countertops and lighting fixtures.
Displacement Coverage
You might need somewhere to live while your condo is being repaired or rebuilt. Insurance can reimburse you for living expenses while your condo is uninhabitable.
Loss Assessment
As a condo owner, you share responsibility for your building and its common areas with other condo owners. When damages or losses are not fully covered by your association insurance, you may have to help make up the difference. Loss assessment coverage is insurance to help you pay these costs if they arise.
At Harnish Insurance Group Agency, we take pride in helping our customers find quality condo insurance at competitive prices. There is no need to sacrifice coverage when we help you shop and compare rates from several of Arizona’s leading insurance providers. Be sure to ask about discounts available to condo and townhome owners. You might qualify for additional savings if you are retired, install a security system, or bundle multiple policies when purchasing your coverage.
